Media baron Subhash Chandra plans to work with investment professionals in Switzerland and may borrow money from his family to invest in start-ups, NDTV reported, days after the National Company Law Tribunal approved a repayment plan for his creditors.
Chandra said he intends to work with friends in Switzerland who are involved in investments and expects to provide further details in the next one to two weeks. He also said he may borrow Rs 2-4 crore from his family to invest in some start-ups that he believes have the potential to grow.
The insolvency tribunal NCLT approved a repayment plan under which media baron Subhash Chandra will pay just Rs 6.5 crore to settle admitted creditor claims of about Rs 22,006.57 crore in his personal insolvency resolution process, translating into a haircut of nearly 99.97% for lenders. Under the plan, about Rs 6.5 crore will be available for distribution against admitted creditor claims of Rs 22,006.57 crore, translating into a recovery of roughly 0.03% and a haircut of nearly 99.97%.
ALSO READ: Subhash Chandra Gets Away With Rs 6.5 Crore Payout Against Rs 22,006 Crore Dues
In a video statement, Chandra said, "Today I'm talking in a very simple way. I am not talking about a person who has lost everything. The last Rs 6.5 crore I have left with will have to pay according to the plan. I have a small residential house, which I have given on rent, and I am running my expenses with that income. I have no regrets. I will earn again. I am a pioneer. I know how to do good and new things. I will continue to do so."
The 75-year-old Essel Group chairman, whose business interests span media, infrastructure and amusement parks, also outlined plans for his next professional venture.
ALSO READ: Subhash Chandra NCLT Order: 99.97% Haircut Doesn't Mean Loss On Rs 22,000 Cr, Say Govt Sources
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